Quantum Blockchain Technologies Plc ASIC UltraBoost - Patent Application

 
TIDMQBT 
 
30 September 2021 
 
                      Quantum Blockchain Technologies Plc 
 
                           ("QBT" or "the Company") 
 
                               ASIC UltraBoost: 
 
Filing of the Company's first breakthrough patent application on Bitcoin mining 
                            algorithm optimisation 
 
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to inform 
shareholders that, as an initial result of its new research and development ("R 
&D") strategy in respect of disruptive proprietary techniques for Bitcoin 
mining, the Company, following the outstanding research work of its 
cryptography expert, has filed an application for its first patent- the ASIC 
UltraBoost. 
 
The application made to the UK patent office (then to be extended 
internationally while maintaining the priority date, set via the UK 
application) represents a major breakthrough in Bitcoin mining, as a result of 
a very material optimisation of the mining algorithm. 
 
The ASIC UltraBoost can be described as an improvement of the Bitcoin mining 
process (building on all other existing optimisations in the market, including 
ASIC Boost) eliminating redundant computation of a key part the Bitcoin mining 
algorithm, resulting in a faster and more efficient mining process. 
 
The optimisation starts from the initial consideration that currently, Bitcoin 
miners attempt to find the winning hash acceptable to the Bitcoin Network by 
calculating multiple midstates (by rolling the Version), passing them through 
further hashing (by rolling the Nonce) to obtain a final hash value that is 
less than or equal to the Target. 
 
ASIC UltraBoost looks to improve the algorithmic efficiency of Bitcoin mining 
by proposing 3 specific variants to the SHA256 message scheduler for the 3 
instances of SHA256 in Bitcoin mining. These Optimal SHA256 Message Schedule 
Variants result in faster and more efficient Bitcoin mining by eliminating the 
redundant computations within the SHA256 message schedule specific to Bitcoin 
mining. 
 
As such, the calculation of the midstates alongside the calculation of the 
message digest is significantly optimised. 
 
ASIC UltraBoost reduces the Message Schedule calculations for the 3 iterations 
of SHA256 by approximately 20%. 
 
The SHA256 function being a combination of the message schedule and the 
compression function, when considering the optimisations of ASIC UltraBoost for 
the entire SHA256 function, the number of operations across the 3 iterations of 
SHA256 are reduced by approximately 7%. 
 
More accurate results, including an overall percentage improvement will be 
available when ASIC UltraBoost is implemented in hardware. 
 
The Company, following the research programme of the cryptography expert, and 
other members of QBT's R&D team, is working on other findings that are expected 
to be patentable in the coming months. 
 
Francesco Gardin, CEO and Chairman commented: "Filing the ASIC UltraBoost 
patent application is the first milestone resulting from our R&D programme, 
achieved in just four months. It is the first of many patents the Company is 
working on and plans to file. This breakthrough result, which we believe has 
the potential to be game changing, will be used for the deployment of our 
proprietary FPGA and ASIC implementations of the Bitcoin mining algorithm. 
 
"A nearly 7% efficiency in running the Bitcoin mining algorithm can be used to 
increase mining speed or save energy.  On the massive numbers of iterations 
involved in mining, this level of saving represents, either a 7% increase in 
the mining probability, or a 7% energy saving at the existing mining 
probability. In both cases, for large mining facilities this optimisation 
corresponds to significant mining revenues, or saved energy bills, all leading 
to increased profit. We are very optimistic on the future results of our R&D 
efforts, as this first patent application has shown. 
 
"Finally, I'd like to thank the whole R&D team of QBT, with a special mention 
to our cryptography expert, who has been key to this first important success of 
the R&D programme." 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law 
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed 
in accordance with the Company's obligations under Article 17 of MAR. 
 
For further information please contact: 
 
Quantum Blockchain Technologies Plc 
 
Francesco Gardin, CEO and Executive Chairman 
                                                                               +39 
335 296573 
 
SP Angel Corporate Finance (Nominated Adviser & Broker) 
 
Jeff Keating 
                                                                                                                                        +44 
(0)20 3470 0470 
 
Leander (Financial PR) 
 
Christian Taylor-Wilkinson 
                                                                                                              +44 
(0) 7795 168 157 
 
About Quantum Blockchain Technologies Plc 
 
QBT (AIM: QBT) is an AIM listed investment company which has recently realigned 
its strategic focus to technology related investments, with special regard to 
Quantum computing, Blockchain, Cryptocurrencies and AI sectors. The Company has 
commenced an aggressive R&D and investment programme in the dynamic world of 
Blockchain Technology, which includes cryptocurrency mining and other advanced 
blockchain applications. 
 
Glossary of Terms: 
 
AsicBoost: AsicBoost is a patent-pending method to speed up Bitcoin mining by a 
factor of approximately 20%. The performance gain is achieved through a high­ 
level optimization of the Bitcoin mining algorithm (SHA256) which allows for a 
drastic reduction in gate count on the mining chip. 
 
Hash function: A hash is, in general, a mathematical function that converts an 
input of arbitrary length into an encrypted output of a fixed length. Thus, 
regardless of the original amount of data or file size involved, its unique 
hash will always be the same size 
 
Message Schedule: Is a function that generates sixty-four words from 16 words 
input message block (a word is represented by 32 bit, hence a total of 512 
bit). The message scheduler is a key part of the bitcoin mining algorithm: it 
is computed three times for each winning hash generation attempt, i.e., 
trillions of times per second. 
 
Nonce: The Nonce is a random whole number, which is a 32-bit, which is adjusted 
by the miners, so that it becomes a valid number to be used for hashing the 
value of a Block. 
 
A typical Miner tests and discards trillions of Nonce per second until they 
find that Golden Nonce which is valid. In order to complete the verification 
faster than other miners, miners compete with each other using their computer 
hashing power. Once the Golden Nonce is found, they can complete the Block and 
add it to the Block Chain and there by receive the Block reward, i.e., reward 
bitcoins. 
 
SHA256: Secure Hashing Algorithm (SHA) -256 is the hash function and mining 
algorithm of the Bitcoin protocol, referring to the cryptographic hash function 
that outputs a 256 bits long value. 
 
Version rolling: Miners can inspect the nVersion field (32 bit) of a block, by 
rolling the nVersion field. A typical Miner tests and discards more than a 
billion of random bits activated by the rolling, until a winning hash is found. 
The method is also referred as Overt-AsicBoost. 
 
 
 
END 
 
 

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September 30, 2021 02:00 ET (06:00 GMT)